Worn Again Technologies has completed its latest funding round, raising 27.6 million pounds ($30.45 million) to support the construction of an innovative textile recycling demonstration plant in Winterthur, Switzerland.
The British company said this investment represents a milestone in the commercialization of circular strategies for hard-to-recycle fabric blends. Worn Again counts industrial stalwarts Sulzer and Oerlikon, as well as fashion retailer H&M, as key strategic investors.
This latest investment round brings Worn Again Technologies’ total raised funding to 42.9 million pounds ($47.62 million), representing the startup’s most successful funding tranche since its founding. Some existing partners and main stakeholders contributed to the raise.
As an innovator in the field of chemical recycling, Worn Again Technologies aims to drive a paradigm shift in the textile and fashion industries. The company is focused on enabling the creation of a more sustainable, conscious, and resilient value chain based on zero-waste, circular strategies.
“We are extremely happy with the results of this funding round, which was our most successful so far,” Erik Koep, CEO at Worn Again Technologies, said. “As such, it demonstrates the strength and growing interest in our textile recycling framework. We are well-positioned to enter the next phase of our business growth, as we can get closer to offering large-scale commercial facilities for blended poly-cotton materials.”
The secured funding is dedicated to the realization of a large-scale demo plant that will leverage groundbreaking polymer processing technologies to upcycle 1,000 tons of textiles per year. More specificately, the investment will help drive the expansion of the company and its setup, contributing to the commercialization of a highly effective solution to reduce textile waste.
“We strongly believe in Worn Again Technologies’ mission and are firmly committed to ensuring its success,” Torsten Wintergerste, division president of Sulzer Chemtech and chairman of Worn Again Technologies, said. “This is why we have provided support through investments, as well as with our leading polymer processing expertise and infrastructures. Even more, we have a close connection to the demonstration plant, which is being built near to our headquarters in Winterthur, and we are keen to see it operating as soon as possible.”